TIDMINSP
RNS Number : 1662X
Inspirit Energy Holdings PLC
26 April 2019
26 April 2019
Inspirit Energy Holdings Plc
("Inspirit" or "the Company")
Product Update
Inspirit Energy Holdings PLC (AIM: INSP), the developer of micro
Combined Heat and Power ("microCHP" or "mCHP") boilers, is pleased
to update shareholders following a strategic review of operation
and product development.
As set out in the Company's half year report, the Company has
been working to advance its microCHP boiler towards
commercialisation.
In December 2018, the UK Government introduced legislation which
will close the Feed-in Tariff (FIT) scheme to new applicants from 1
April 2019. The FIT would have provided a subsidy to mCHP boilers
and although not applicable to our Charger, this would have had an
industry impact on new entrants to the mCHP market.
To this end, the company has been focusing on improvements to
the design of the Company's Stirling engine technology and creating
a strategic plan for future operations, cost efficiencies and
product diversification.
The Company is in the process of moving its facility from
Sheffield to G ogów ma opolskiin Poland, in collaboration with a
European engineering group. We have further been in collaboration
with a UK based University, working in conjunction with their
technology department to expand the possible applications for the
Stirling technology.
Improvements to the current charger includes:
-- Further simplification as part of the 'design for manufacture' ("DFM") process,
-- Enhanced manufacturing processes used in the further
development of the Charger, in particular the new casting which was
developed using the 3D printing method. Where possible, welding has
been removed to reduce welding failure,
-- Unit base & support frame is made from a single bio-degradable plastic composite,
-- Other new composite materials that are awaiting
classification, will be used in the manufacturing process.
The above improvements have attributed to:
-- Cost savings achieved across all elements of the charger unit.
-- Electronics will use more cost-effective systems
-- The drive system will consist of a single offset crank,
leading to less components and more cost efficiencies,
-- Materials - steel, composite plastic and metal derivatives.
-- Single interface on the boiler that will provide greater ease of use
-- Non electricity grid start reliant that can use a 12 volt start option
The above improvements and efficiencies have provided the
Charger with peak electrical output in excess of 6.4kW of
electricity during a running cycle of 2,000 hours against the
unit's previous output of 3.0kW, whist maintaining 15kW thermal
output and a 20% reduction in the size of the appliance to below
800mm.
The Company has also embarked multiple applications for the
Stirling technology and have developed schematics for the following
projects
-- Inspirit Marine - currently in discussion with a large
car/marine engine manufacturer to develop a unit for the shipping
industry with current output of 11.68kw.
-- Inspirit Solar - In-house design, incorporating the new development of our Stirling engine
-- Inspirit Cooler - Refrigeration system
-- Inspirit Motor/ Generator - designed in line with the
Inspirit Charger to start the unit & convert electrical output
to the grid.
John Gunn CEO and Chairman commented.
"The development work of our engineers has been impressive
achieving an electrical output of over 6kw without increasing the
thermal output. Such a heat power ratio will significantly improve
the potential for commercial success and possible diversification
in multiple other applications."
The Company will provide a further update in due course.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
More information on Inspirit Energy can be seen at:
www.inspirit-energy.com
Contacts:
Inspirit Energy Holdings Plc
For further information please contact:
Inspirit Energy Holdings plc
John Gunn, Chairman and CEO +44 (0) 207 048 9400
Beaumont Cornish Limited
www.beaumontcornish.com
(Nominated Advisor)
Roland Cornish / James Biddle +44 (0) 207 628 3396
SVS Securities Plc
(Joint Broker)
Tom Curran +44 (0) 203 700 0093
About Inspirit Energy Holdings Plc
Inspirit Energy Holdings plc is developing and commercialising a
highly efficient micro combined heat and power (mCHP) boiler for
commercial applications. The boiler is specifically designed to
meet the challenge of a reduced carbon energy supply and is capable
of running on natural gas, LPG and Bio Fuels. The appliance
produces hot water (for tap water or central heating) and
electrical output simultaneously. The installation can be of single
or multiple configuration and its high operating efficiency
together with the off-set of electricity costs provides a very
attractive investment payback proposition.
Inspirit intends to explore opportunities to license out the
underlying technology and the Directors believe that, in some
instances, the patents owned by Inspirit may be also used in the
development of products other than a mCHP appliance. A prototype of
the appliance has been tested and shown to be capable of
simultaneous generation of up to 15kW thermal and up to 6.4kW
electrical output. Once development of the appliance has been
completed and commercialised, the Directors expect that the
appliance will initially be marketed in the UK and Europe and
eventually worldwide. Additional revenue streams may be possible
through product licensing, sales of warranties and further
development of the product.
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END
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